Retirement has been a foregone conclusion for about two generations. That’s not a lot of time in the grand scheme of things. Previous generations haven’t always been all that excited about it either. If you need proof, read my History of Retirement white paper. The problem is that those two generations haven’t had the financial setbacks such as loss of pensions or the medical improvements that have resulted in a retirement that lasts nearly as long as our working lives. Then too, a growing number of Baby Boomers and those coming up behind them aren’t interested in a life without work. That’s been said before but the growing reality is that many won’t be able to afford retirement.
What the recession has taught us is that all of our planning needs to be more flexible. Some people seem to think that means they shouldn’t bother planning at all but in fact the opposite is true. The old financial planning options aren’t going to work with a retirement timeline that stretches for decades with the option to not retire at all. They simply aren’t flexible enough. Nor will they work if they make no plans for the extreme costs associated with long term care. If your retirement plans can’t cope with a sudden illness or layoff curtailing your career you need to address those possibilities as very real issues.
How do you address them? If you are thinking you are going to work until long after age 65, you should talk to your doctor to see if you are being overly optimistic about your future health. If the spectre of life after 65 has you shaking in your boots, consider hiring a retirement coach to help you define the next part of your life and finally everyone should at some point hire a financial advisor to help create a plan so that your life won’t be ruled by financial concerns.
Do you have a LifePlan? Come to a free seminar to see how a collaborative model that brings together the best professional talent from the health care, housing, financial and legal fields can benefit your retirement whether you retire or not.